FX.co ★ Ichimoku cloud indicator analysis on Gold for September 9th, 2022.

Gold bulls made another attempt to break above the cloud resistance at the $1,725-27 area. Price is inside the 4 hour Kumo turning short-term trend to neutral, according to the Ichimoku indicator. The rejection at the upper cloud boundary is a sign of weakness, but has also confirmed the importance of that resistance level. A break above the resistance now will be a reliable bullish signal. Price is between the tenkan-sen (red line indicator) resistance at $1,716 and the kijun-sen (yellow line indicator) support at $1,709. At $1,709 we also find the lower cloud boundary. Bulls need to defend the $1,709 level otherwise price will be vulnerable to another push below $1,700. On the other hand bulls need to overcome the confirmed resistance level at $1,727. Price has started making higher highs and higher lows. This sequence must continue in order to for bulls to have hopes for a break out.